FRO - Frontline reports mixed Q4 earnings; initiates Q1 outlook

• Frontline press release ( NYSE: FRO ): Q4 Non-GAAP EPS of $0.97 misses by $0.06 .
• Revenue of $530.14M (+148.3% Y/Y) beats by $166.75M .
• Reported spot TCEs for VLCCs, Suezmax tankers and LR2/Aframax tankers in the fourth quarter of 2022 were $63,200, $57,900 (highest since the third quarter of 2008) and $58,800 (an all-time high) per day, respectively.
• The number of ballast days at the end of the fourth quarter was 322 for VLCCs, 428 for Suezmax tankers and 174 for LR2/Aframax tankers.
• For the first quarter of 2023, we estimate spot TCE on a load-to-discharge basis of $58,300 contracted for 87% of vessel days for VLCCs, $72,400 contracted for 77% of vessel days for Suezmax tankers and $63,900 contracted for 68% of vessel days for LR2/Aframax tankers.
• "We expect the spot TCEs for the full first quarter of 2023 to be lower than the TCEs currently contracted, due to the impact of ballast days at the end of the fourth quarter."

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